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Thursday, 18 February 2016

DING DONG DING...!!! MARKET IS ON SWING

India’s stock markets rose more than 1 percent on Thursday to post its
second straight day of gains as energy and mining stocks were boosted by a rise
in crude oil prices, even as European shares faltered after poor corporate
results. The Sensex closed the day
with gains of 267 points, while the Nifty gained 83 points in trade. All
sectors are trading in green on BSE. Sentiment remained
firm as buying picked up momentum after other Asian markets rose following a
strong Wall Street closing on a surge in crude oil prices, which provided much-
needed confidence as key producer Iran agreed to an output freeze by Saudi
Arabia and Russia. Buying
in pharma space too aided sentiments on report that department of
Pharmaceuticals under the Ministry of Chemicals and Fertilizers is expected to
come out with a new bulk drug policy in less than a month with an objective to
grow the Indian pharmaceuticals sector to a $200 billion industry by 2030.ICICI
Bank, which hit a fresh 52 week low on Wednesday saw some value based buying
after reports that the bank was planning to look at retail loans to clear the
NPA mess. The stock was up almost 3 per cent in trade. Among others, ONGC and
Hindalco Industries also rallied 4.5 % each followed by Infosys, ICICI Bank,
Lupin, Hero Motocorp and Wipro with 2.5-4 % gain while Reliance Industries,
Maruti Suzuki, Axis Bank, Adani Ports and BHEL were down 1-2.5 percent. Overall
the market has been rangebound and in fact, it has been trying to hold 7000
level on the Nifty as a support, at least till the Union Budget. The Indian
rupee opened higher by eight paise at 68.39 per dollar today against 68.47 on
Wednesday.